The economy expanded at an average rate of 1.4 percent in the first and second quarters.

"I don't think we're in a recession right now, but I think there's a 50 percent chance we'll be in a recession next year," Davidowitz predicts.

Meanwhile, government debt has exploded to $17 trillion, he notes. "We've spent all the money, we've borrowed all the money and we're in the tank."

To be sure, some experts say Wal-Mart is responsible for its own difficulties. Brian Sozzi, chief equities strategist at Belus Capital Advisors puts the blame on Wal-Mart's activity overseas and in e-commerce.

"Investments to address international, from uncompetitive prices and poorly laid out stores, continue with no visible sign they are driving improved results, while the company is pouring large sums of money into e-commerce to compete with Amazon," he writes in a report obtained by Business Insider.